Answer: “Cash is King” is an old saying. This is true in real estate, when someone pays cash for a property this means they can close quickly and there is no room for a finance issue that can kill the sell or drag out the process.
A seller may have two offers on the table one cash and the other financing. The cash deal may be for a little less but it can save sellers time, money( if they have a mortgage) and give them more assurance that the deal Is going to close so they can more forward with their next move. Financing usually takes a minimum of 30 days to close and there can always be a bump along the way. If the seller accepts the finance offer there is always a chance lending can fall through or be prolonged.
If it falls through , the seller has had their home off the market and missed potential buyers as well as had mortgage payments to pay while it was under contract. Cash can help buyers get a better price on a property when negotiating as well. All sellers are different and have unique circumstances , however they all love he term “cash buyer” “quick close”.
Caroline Dargan Johnson